It is typically driven by the bank as well as the size of the deal. Most banks require annual tax returns (company and personal) and a PFS for their SBA requirements. If the loan is of size (>$1 million) then we would usually require quarterly financials and possible Aging/Inventory reports if applicable. CPA audits are pretty rare on SBA loans, but I usually recommend a review if you are borrowing >$2 million. This will help if you want to either make another acquisition, or sell down the line..

Very helpful. Thanks, Colin.

I worked with ^[redacted]‌ at Live Oak and the reporting requirements have been minimal. As Colin outlined, I submit annual tax returns and quarterly statements. Since you are already creating these documents the reporting is a non-issue. My understanding from speaking to others with traditional (non-SBA) loans is that the reporting can be more cumbersome. They typically have tight covenants and if you break one then they will require financial reports more often.